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Funds (13F)

Hill City Capital, LP

Backtest from 19 Feb 2021 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.1%
S&P 500 +13.8%
Last 12 months
−11.5%
S&P 500 +12.1%
Sharpe ratio
0.38
S&P 500 0.68
Biggest drop
−40.0%
S&P 500 −23.9%
$10.0k$20.0k 202120222023202420252026 $20.9k$18.3k
Hill City Capital, LPS&P 500 $10,000 in Hill City Capital, LP from 19 Feb 2021 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Hill City Capital, LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Hill City Capital, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.1%+13.8%
Total return+83%+109%
Last 12 months−11.5%+12.1%
Last 3 months−19.9%—
Last month−7.0%—
This year so far−19.3%—
Volatility a year30.3%15.6%
Sharpe ratio0.380.68
Biggest drop−40.0%−23.9%
Beta to the S&P 5001.251.00
Alpha a year (t-statistic)−1.7% (−0.17)—
Share of weeks up53%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
MTZ21.6%——
FSLR14.9%——
DY12.3%——
DPC9.1%——
STM5.6%——
IP4.7%——
GVA4.2%——
JHX3.6%——
BA3.2%——
CTRI2.9%——
CRH2.9%——
ARRY2.3%——
WMS1.8%——
ATKR1.3%——
LFUS1.3%——
BWA1.3%——
CNM1.2%——
ATS1.1%——
WOLF1.1%——
ENS1.1%——
TREX0.7%——
WBI0.6%——
TFII0.5%——
GTX0.4%——
MWH0.2%——
EROC0.0%——
SITE0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest19 Feb 2021 to 2 Nov 2026+11.1%+13.8%0.380.68−40.0%1.25−1.7% (−0.17)
Last three years3 Nov 2023 to 2 Nov 2026+16.5%+21.8%0.511.16−40.0%1.25−5.1% (−0.37)
Last year7 Nov 2025 to 2 Nov 2026−10.6%+14.2%−0.370.84−40.0%0.94−20.1% (−0.74)
DateCompanyAction
21 Aug 2026SITEBought
21 Aug 2026LFUSBought
21 Aug 2026GTXBought
21 Aug 2026EROCBought
21 Aug 2026DPCBought
21 Aug 2026BWABought
22 May 2026WOLFBought
22 May 2026STMBought
22 May 2026MWHBought
22 May 2026EQPTBought
20 Feb 2026TREXBought
20 Feb 2026BABought
14 Nov 2025WMSBought
14 Nov 2025WBIBought
14 Nov 2025JHXBought
14 Nov 2025ATKRBought
15 Aug 2025CTRIBought
16 May 2025SITEBought
16 May 2025ATSBought
15 Nov 2024XPOBought
15 Nov 2024WEXBought
15 Nov 2024TFIIBought
15 Nov 2024SABRBought
15 Nov 2024ROGBought
15 Nov 2024MTZBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026EQPTSold
22 May 2026SITESold
22 May 2026SABRSold
22 May 2026MMMSold
22 May 2026BLDRSold
14 Nov 2025WEXSold
16 May 2025XPOSold
16 May 2025LBSold
16 May 2025ATKRSold
21 Feb 2025ROGSold
21 Feb 2025LOARSold
21 Feb 2025JBISold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest